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Cost-Benefit Analysis Using Economic Surpluses: A Case Study of a Televised Event

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  • Aliza Fleischer
  • Daniel Felsenstein

Abstract

Economic impact studies based on short-run spending injections and multipliers lack conceptual ties to measures of economic surplus, fail to capture intangible benefits and generally fail to measure costs. In this case study of the Eurovision Song Contest (ESC) held in Israel in 1999, national benefits from the government-financed televising of the ESC are measured as producer surplus (approximated by private sector incremental profits), consumer surplus (measured as the incremental willingness to pay for an event staged at home) and government surplus (linked to national implicit benefits in the form of promotional advertising cost savings). The opportunity costs of diverting resources to this particular televised event are expressly included as an offset to these gross surplus benefits. Despite the conservative approach, the results show moderate social justification for public support of this high profile televised spectacle and suggest that a cost-benefit approach to cultural events can have wider applications. Copyright Kluwer Academic Publishers 2002

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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 26 (2002)
Issue (Month): 2 (May)
Pages: 139-156

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Handle: RePEc:kap:jculte:v:26:y:2002:i:2:p:139-156

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: cost-benefit analysis; economic surplus; Eurovision Song Contest; televised events; willingness to pay;

References

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  1. Catherine M. Chambers & Paul E. Chambers & John C. Whitehead, 1998. "Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application To Valuing a Historic Site," Public Finance Review, , vol. 26(2), pages 137-154, March.
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Cited by:
  1. Nissim Ben-David & Tchai Tavor, 2011. "Measurement of the social loss of wrong public budget allocation," International Journal of Social Economics, Emerald Group Publishing, vol. 38(3), pages 209-217, February.
  2. Bernd Süssmuth & Malte Heyne & Wolfgang Maennig, 2009. "Induced Civic Pride and Integration," CESifo Working Paper Series 2582, CESifo Group Munich.

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